The Luxury Bank raises USD10m from Dubai's ICICB Group
The Luxury Bank has raised USD10 million from Dubai's ICICB Group, an investment management company that fosters and funds luxury projects in banking, cryptocurrency trading, commercial real estate, and other related industries worldwide.
The funds will be leveraged across The Luxury Ecosystem's various projects, including The Luxury Bank, The Luxury Foundation, a cryptocurrency PoS system, offline cryptocurrency exchanges, an NFT marketplace, a job portal, and a news magazine. The funds will also be used to complete The Luxury's much-anticipated Luxandia, a metaverse platform similar to Second Life and Decentraland, which is dedicated to serving the luxury industry.
"This investment from ICICB Group is proof that The Luxury is delivering the ecosystem that the luxury industry needs. We are confident that the launch of the Luxandia metaverse platform will garner huge public interest and have a significant impact on the luxury industry," says Catalin Dascalu, The Luxury's CEO. "Currently, everything is on schedule or running ahead of schedule. We calculate that by mid-2022, our teams will deliver the final version of all ongoing projects in The Luxury Ecosystem."
While the luxury industry took a 23 per cent hit during the heights of the coronavirus pandemic in 2020, that same year also saw a global 2.5 per cent growth in the number of HNWIs (High Net Worth Individuals) and UHNWIs (Ultra High Net Worth Individuals) - many of whom are Millennials and Generation Z, groups who seek investment pieces and unique experiences both online and offline.
The development of the Luxandia metaverse is focused on bringing real-world luxury into a virtual reality space of affluence that creates luxury shopping and experiences for individuals. Luxandia will feature a 3D luxury shopping mall, NFT auction houses, and even a virtual 3D cinema, with The Luxury promising many more experiences to come as the metaverse is built out.
As a first in the luxury industry, the Luxandia metaverse will lead the industry into the 21st century; a shopper may browse luxury brand clothing in a 3D mall, then try on and purchase an NFT-certified authentic outfit before heading to see the latest blockbuster in the virtual 3D cinema - all without ever leaving their home.
At the same time, businesses that join Luxandia will benefit from having a presence - not just through retail sales but also through gaining access to Big Data and AI that allows them to better project future trends and changes as well as better understanding their perfect customers' motivations and desires.
With Luxandia paving the way for a new virtual space that benefits both business customer through a mix of modern technology and traditional luxury, investment firms like ICICB Group are betting on Luxandia as a model for a new path forward for the luxury industry. This new, revolutionary path may be more than just a luxury metaverse - but a space where businesses can create incredible virtual store experiences to rival those of their flagships, all while sidestepping the mobility restrictions that came with coronavirus.
"We have gained amazing proprietary knowledge and insight into the current progress and future evolution of The Luxury Ecosystem," said Airton Arruda, Chairman of the ICICB Group. "We believe that The Luxury will be one of the leading ecosystems in the USD224 billion luxury industry due to its functionality and diversification, as well as the strength of the ongoing Luxandia metaverse development."
ICICB Group's funding is a significant step in the development of Luxandia, marking the interest of investment management firms in this emergent sector of the luxury industry. With the metaverse able to deliver key benefits to both industry businesses and their customers, interest in the project is already sky-high just months before launch.
Development of the Luxandia metaverse currently stands at 50 per cent, with the metaverse's full launch scheduled for Spring 2022.